A foundation for CBS founder William Paley plans to auction off a trove of masterpieces long lent to New York’s Museum of Modern Art for at least $70 million this fall to expand the museum’s digital footprint.
The paintings and sculptures—by artists including Picasso, Renoir and Rodin—have been in MoMA’s care since Mr. Paley died in 1990. On Tuesday, his namesake foundation confirmed it had enlisted Sotheby’s to auction off 29 of his 81 pieces at MoMA. Most of the proceeds are earmarked to expand the museum’s digital presence, from possibly launching its own streaming channel to potentially buying more art, digital or otherwise.
